China’s Bytedance leases 118K sf in Culver City: sources

The tech company has a valuation of $75 billion

Los Angeles /
Nov.November 07, 2018 05:33 PM
Bytedance founder Zhang Yiming, with C3

A Chinese startup with a $75 billion valuation just became the latest technology company to bet on Culver City.

Bytedance has closed on a deal to occupy nearly 119,000 square feet at C3 at Culver Pointe, The Real Deal has learned. The 282,951-square-foot, seven-story vertical creative office campus is located at 5800 Bristol Parkway.

Part social network, part news site, Bytedance owns several highly successful applications and sites like Jinri Toutiao, Tik Tok, Musical.ly, among others. The six-year-old company uses artificial intelligence to reach a mass audience.

Founded by Zhang Yiming, Bytedance recently became the world’s most valuable private tech company, surpassing ride-hailing giant Uber Technologies, according to Forbes. Japanese conglomerate Softbank, plus other investors, closed a $3 billion funding round late October, a deal which valued the Chinese firm at more than $75 billion.

Darren Eades, Scott Becket and Alyssa De Oca of JLL represented the tenant. Carl Muhlstein and Hayley Blockley, also at JLL, represented the landlord, IDS Real Estate Group.

With the Bytedance lease, the complex is now fully leased. Other tenants at the site include Henkel, Dentsu Aegis Network, Red Light Management, MMGY Global and Corgan Associates.

IDS, led by CEO David Mgrublian, developed the building in partnership with an affiliate of PNC Bank. The Gensler-designed campus has a private fitness center, an outdoor kitchen, bocce courts, a dog park and an amphitheater.

Culver City has become a tech hub in recent years, fueled in part by creative office conversions offering more attractive rates than neighboring Westside cities like Santa Monica that are in the heart of Silicon Beach. Amazon, for example, has leased Hackman Capital Partners’ entire Culver Steps, a 75,000-square-foot development at 9300 Culver Boulevard. That deal followed an announcement from Apple, which is leasing 128,000 square feet of office space in the city.


Related Articles

arrow_forward_ios
From left: Tom Brady, Dillon Rosenblatt, and  Richard Rosenblatt with 3130 Wilshire Boulevard (Kilroy Realty, Getty, LinkedIn)
Tom Brady’s NFT company signs lease in Santa Monica
Tom Brady’s NFT company signs lease in Santa Monica
Blue Shield of California CEO Paul Markovich, Kilroy Realty CEO John Kilroy and 3800 Kilroy Airport Way (Blue Shield of California, Kilroy)
Kilroy lands Blue Shield at new LB office campus
Kilroy lands Blue Shield at new LB office campus
Efram Harkham, Marian Goodman and 1120 Seward Street (Getty Images, Facebook/Efram Harkham, Google Maps)
Harkham family signs leading NYC art gallery to Hollywood building
Harkham family signs leading NYC art gallery to Hollywood building
Staley Point Capital's Kevin Staley, Rivian's RJ Scaringe and 2700 California Street (Loopnet, Staley Point Capital, Richard Truesdell/CC BY-SA 4.0/Wikimedia Commons)
Rivian parks at newly developed 135K sf industrial facility
Rivian parks at newly developed 135K sf industrial facility
Phil A. Belling with One Culver, 10000 Washington Blvd (Hoaghospitalfoundation, iStock)
LBA, Blackstone in recap on Culver One studio complex
LBA, Blackstone in recap on Culver One studio complex
10840 Cherry Avenue in Fontana with IDC Logistics president Elton Chung and Chartwell Real Estate founder Henry Pyle (LinkedIn, Loopnet)
Logistics outfit takes all 190K sf at newly built complex
Logistics outfit takes all 190K sf at newly built complex
LA North Studios signs 71K sf deal in Valencia
LA North Studios signs 71K sf deal in Valencia
LA North Studios signs 71K sf deal in Valencia
ART: Mercury Air Cargo president John Peery and 8900 Bellanca Avenue (Mercury Air Cargo, Mohr Partners)
Key logistics link leases 163K sf site near LAX
Key logistics link leases 163K sf site near LAX
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...